Black & Decker Lowers Profit Forecast
Friday, December 15, 2006
Some more construction reports: "Black & Decker Corp., the biggest U.S. maker of power tools, cut its annual profit forecast for the third time after a U.S. housing slump 'significantly' reduced sales. There may be 'additional pressure on our earnings,' said CEO Nolan Archibald."
"The slowing housing market also caused Illinois Tool Works Inc., the maker of Duo- fast nail guns, to cut its profit forecast. 'It's spreading, and we don't know how far and how wide it's going to spread,' said Marvin Roffman, president of Roffman Miller Associates in Philadelphia, which manages $390 million, including Black & Decker shares. 'Be prepared for more disappointment from Black & Decker and others' who rely on the housing market."
"'Most disappointing, in our view, is Black & Decker expects their disappointing trends will continue well into 2007,' wrote Michael Rehaut, analyst with JP Morgan."
"The slowing housing market also caused Illinois Tool Works Inc., the maker of Duo- fast nail guns, to cut its profit forecast. 'It's spreading, and we don't know how far and how wide it's going to spread,' said Marvin Roffman, president of Roffman Miller Associates in Philadelphia, which manages $390 million, including Black & Decker shares. 'Be prepared for more disappointment from Black & Decker and others' who rely on the housing market."
"'Most disappointing, in our view, is Black & Decker expects their disappointing trends will continue well into 2007,' wrote Michael Rehaut, analyst with JP Morgan."
Labels: Construction News
